Core Viewpoint - Zai Ding Pharmaceutical (ZLAB.US) saw a rise of over 7%, reaching $20.11, following news that its injectable ZL-1310 is proposed to be included as a breakthrough therapy for extensive-stage small cell lung cancer (ES-SCLC) patients during or after platinum-based treatment [1] Group 1 - ZL-1310 is intended for use in patients with disease progression during or after first-line platinum-based therapy for ES-SCLC [1] - Early clinical research data for ZL-1310 has shown outstanding efficacy, particularly in patients receiving second-line treatment and those with brain metastases, indicating a high response rate [1] - The potential of ZL-1310 to become a breakthrough therapy in the SCLC treatment field is highlighted by its promising clinical results [1]

Group 1: Oil and Gas Sector - Oil stocks experienced a decline, with Sinopec (00386) down 3.89%, PetroChina (00857) down 3.17%, and CNOOC (00883) down 2.79%. This follows a drop in WTI crude oil futures by 2.77% to $62.84 per barrel and Brent crude by 2.71% to $67.52 per barrel [1] Group 2: Renewable Energy Sector - Solar stocks fell collectively, with Xinyi Solar (00968) down 3.62% and New Special Energy (01799) down 3.61%. The rise in silver prices has increased silver paste costs, impacting the battery and component sectors [1] Group 3: Precious Metals Sector - Lao Poo Gold (06181) saw a nearly 5% drop. Bank of America Securities reported that the company is expected to benefit from rising gold prices, with a projected revenue increase of 165% year-on-year for the second half of last year [1] Group 4: Pharmaceuticals - Zai Lab (09688) rose by 7% after its injection drug ZL-1310 was proposed for breakthrough therapy designation for extensive-stage small cell lung cancer (ES-SCLC), showing promising early clinical data [2] Group 5: Precision Manufacturing - China High Precision (00591) fell over 18% after issuing a profit warning, expecting a profit of approximately RMB 2.5 million to RMB 4.5 million for the six months ending December 31, 2025, due to project delays in the oil and petrochemical sectors [2] Group 6: Non-Ferrous Metals - Non-ferrous stocks faced significant declines, with China Nonferrous Mining (01258) down 5.08% and Zijin Mining (02899) down 5.29%. This is attributed to a "de-risking" sentiment in global financial markets, leading to a sell-off in precious metals [3] Group 7: Biotechnology - Xiansheng Pharmaceutical (02096) increased over 4.4% after announcing a licensing agreement with AbbVie for the investigational drug SIM0500, which includes upfront payments and potential milestone payments totaling up to $1.055 billion [3] Group 8: Gaming Sector - Gaming stocks declined, with Melco International Development (00200) down 6.21%. Wynn Macau reported a 7% year-on-year drop in EBITDA for Q4 2025, which was below market expectations [4] Group 9: Oilfield Services - Anton Oilfield Services (03337) rose over 9% after announcing a profit forecast of approximately RMB 360 million to RMB 380 million for 2025, representing a significant year-on-year increase of 48.4% to 56.6% [4] Group 10: U.S. Market Movements - Arko Petroleum (APC.US) opened with a 2.5% decline after its market debut. The company delivered 1.5 billion gallons of fuel in the nine months ending September 30, 2025 [5] - Albemarle (ALB.US) fell 9.41% despite a 16% year-on-year increase in Q4 sales to $1.4 billion, reporting a net loss of $414 million [5] - Boeing (BA.US) rose 1.31% as it plans to increase the monthly production of its 737 series aircraft to 63 units in the coming years [5] Group 11: Technology Sector - Cisco (CSCO.US) dropped 12.32% as it projected a decline in adjusted gross margin for Q3, indicating a worsening trend compared to previous quarters [7] - Storage stocks saw gains, with SanDisk (SNDK.US) up 5.16% and Western Digital (WDC.US) up 3.78% [7]

Core Viewpoint - Zai Ding Pharmaceutical (09688) has seen a stock price increase of over 5%, currently trading at HKD 15.26, with a transaction volume of HKD 81.97 million, following the announcement of its injection drug ZL-1310 being considered for breakthrough therapy designation for extensive-stage small cell lung cancer (ES-SCLC) patients [1] Group 1: Drug Development and Clinical Trials - ZL-1310 has shown outstanding efficacy data in early clinical studies, particularly in patients receiving second-line treatment and those with brain metastases, indicating its potential as a breakthrough therapy in the SCLC treatment field [1] - The company plans to initiate three registration clinical trials for its targeted DLL3 ADC drug Zocilurtatug by the end of 2026, covering small cell lung cancer and neuroendocrine cancer [1] Group 2: Revenue Generation and Strategic Development - The company is generating stable revenue by introducing and commercializing overseas products while leveraging its cross-border platform to promote global development of its innovative pipeline [1] - Zai Ding Pharmaceutical possesses several early-stage global assets with differentiated potential, such as ZL-1503 and ZL-6201, which support its long-term value creation [1]

Group 1 - The core stock of Zai Lab (09688) has increased by over 5%, currently trading at HKD 15.26 with a transaction volume of HKD 81.97 million [1] - Zai Lab's injectable ZL-1310 is proposed to be included as a breakthrough therapy for extensive-stage small cell lung cancer (ES-SCLC) patients who experience disease progression during or after first-line platinum-based therapy [1] - Early clinical research data for ZL-1310 shows significant efficacy, particularly in patients receiving second-line treatment and those with brain metastases, indicating its potential as a breakthrough therapy in the SCLC treatment field [1] Group 2 - Haitong International's report highlights that the company is generating stable income through the introduction and commercialization of overseas products while promoting global development of its innovative pipeline via cross-border platforms [1] - The core pipeline includes the DLL3-targeted ADC drug Zocilurtatug, which is planned to initiate three registration clinical trials by the end of 2026, covering small cell lung cancer and neuroendocrine cancer [1] - The company also possesses several early-stage global assets with differentiated potential, such as ZL-1503 and ZL-6201, which collectively support its long-term value creation [1]

Core Viewpoint - Zai Lab Limited (09688.HK) will present its financial performance for the year ending December 31, 2025, to the board for approval on February 26, 2026, in accordance with US GAAP and SEC regulations [1] Group 1 - The board meeting is scheduled for February 26, 2026, to review and approve the annual financial results [1] - If approved, the annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website on the same day [1]

再鼎醫藥有限公司（「本公司」）謹此公佈，本公司董事會（「董事會」）將於 2026 年 2 月 26 日 （星期四）審議及批准（其中包括）根據美國公認會計準則（「美國公認會計準則」）及美國證 券交易委員會（「美國證交會」）的適用規則編製的本公司及其附屬公司截至 2025 年 12 月 31 日 止年度的財務業績（「年度業績」）及其發佈。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔 任何責任。 倘年度業績獲董事會批准，本公司將於 2026 年 2 月 26 日（星期四）在香港聯合交易所有限公司網 站 www.hkexnews.hk 及本公司網站 http://ir.zailaboratory.com 發佈關於年度業績的公告。 在年度業績獲批准及發佈後，本公司管理層計劃在 2026 年 2 月 26 日（星期四，美國東部時間）上 午 8:00/2026 年 2 月 26 日（星期四，香港時間）下午 9:00 舉行電話會議及網絡直播，以討論年度業 績並回答提問（如 ...

Core Viewpoint - The innovative drug concept stocks have generally risen in the morning session, indicating positive market sentiment towards this sector [1][2]. Group 1: Stock Performance - CSPC Pharmaceutical Group (01093) increased by 7.16%, trading at HKD 10.48 [1][2]. - WuXi Biologics (02269) rose by 5.54%, with a price of HKD 40.36 [1][2]. - CanSino Biologics-B (02162) saw a gain of 5.45%, priced at HKD 60.95 [1][2]. - Innovent Biologics (01801) experienced a 5.15% increase, trading at HKD 89.8 [1][2]. - Zai Lab (09688) climbed by 4.9%, with shares priced at HKD 14.76 [1][2].

Core Viewpoint - The innovative pharmaceutical sector is experiencing a significant rise, with multiple companies reporting substantial stock increases due to recent high-profile collaborations and a positive outlook for revenue growth in the industry [1] Group 1: Stock Performance - Innovative drug concept stocks are generally rising, with notable increases: - CSPC Pharmaceutical Group (01093) up 7.16% to HKD 10.48 - WuXi Biologics (02269) up 5.54% to HKD 40.36 - CanSino Biologics-B (02162) up 5.45% to HKD 60.95 - Innovent Biologics (01801) up 5.15% to HKD 89.8 - Zai Lab (09688) up 4.9% to HKD 14.76 [1] Group 2: Collaborations and Partnerships - Significant collaborations have been announced in 2026, including: - CSPC Pharmaceutical Group's partnership with AstraZeneca worth up to USD 18.5 billion - Rongchang Biologics' agreement with AbbVie valued at USD 5.6 billion - Various innovative drug export formats are emerging, such as "single product licensing" and "technology platform + heavyweight single product" [1] Group 3: Industry Outlook - According to Kaiyuan Securities, the revenue growth in innovative drugs is accelerating, with over 70% of companies expected to achieve positive revenue growth by 2025 - The innovative drug sector has seen a correction over the past two quarters, but long-term prospects indicate that many quality stocks offer attractive valuation opportunities - It is recommended to increase allocation in this sector, focusing on companies with established overseas operations and high clinical data performance [1]

Core Viewpoint - The innovative drug sector is experiencing a significant rise, with multiple companies reporting substantial stock increases and notable collaborations in 2026, indicating a robust growth phase for the industry [1] Group 1: Stock Performance - Companies such as CSPC Pharmaceutical (01093) saw a stock increase of 7.16%, trading at HKD 10.48; WuXi Biologics (02269) rose by 5.54% to HKD 40.36; CanSino Biologics-B (02162) increased by 5.45% to HKD 60.95; Innovent Biologics (01801) gained 5.15% to HKD 89.8; and Zai Lab (09688) rose by 4.9% to HKD 14.76 [1] Group 2: Collaborations and Partnerships - Significant collaborations have emerged in 2026, including CSPC Pharmaceutical's partnership with AstraZeneca valued at up to USD 18.5 billion, and Rongchang Biopharmaceutical's agreement with AbbVie worth USD 5.6 billion, showcasing various innovative drug export models [1] Group 3: Industry Growth and Outlook - According to Open Source Securities, the revenue growth in the innovative drug sector is accelerating, with over 70% of companies expected to achieve positive revenue growth by 2025; the sector has undergone a correction over the past two quarters, but long-term prospects for quality stocks appear favorable [1] - The firm recommends increasing allocation to the innovative drug sector, focusing on companies with established overseas operations and high clinical data quality, which are likely to have better export probabilities [1]

Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].